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Thread: Bitcoins are officially donkdown

  1. #141
    Platinum garrett's Avatar
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    $67

  2. #142
    Owner Dan Druff's Avatar
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    Quote Originally Posted by garrett View Post
    $67
    Yup, as I expected, the non-momentary breaching of the $100 psychological barrier is the start of a second crash.

    Wish there were a way to short these things.

  3. #143
    Plutonium Sanlmar's Avatar
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    Arrow

    Quote Originally Posted by Muck Ficon View Post
    Quote Originally Posted by anonamoose View Post

    There's no trend about it. A trend is predictable, this is different. It happens randomly when a big investor or mining pool decides to dump earnings and buy back low.

    You can't just say "well tomorrow it should go back up to 110 because BBC said BTC is the future", because then buy volume builds the price goes up and someone with 40k BTC decides "ok I'm alright with this amount" and sells off to all the buy orders which are always highly concentrated near the buy/sell price and then diminish as you go down. He can easily dump the price down to 90 dollars and then buy back in.

    Tactics utilized in bitcoin markets are illegal in normal markets, and that's why BTC can be extremely unpredictably volatile. It comes down to are you lucky enough to sell at the right time and buy back at the right time.
    Since when are trends predictable? If they were trading would be easy.

    The E*trade baby would beg to disagree.

    Trading charts and trends are a living for kitchen table daytraders. $60 is support. I doubt it will break. Catch a falling knife and play the bounce.

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  4. #144
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    Hard to believe a "currency" backed on nothing tangible is slowly making its way back to zero.

  5. #145
    Platinum ShadyJ's Avatar
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    At what point should we buy these? Im down to risk a few k

  6. #146
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    Quote Originally Posted by ShadyJ View Post
    At what point should we buy these? Im down to risk a few k
    Why would you risk any money that is worth nothing, and even if you make money, you likely will get flagged by the IRS? Why not trade a legit stock or something? At least if you get sideways on the stock, at least there is a decent chance you can wait it out.

  7. #147
    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by ShadyJ View Post
    At what point should we buy these? Im down to risk a few k
    Mt. Gox, the largest Bitcoin exchange, suspends withdrawals in dollars. June 20th

    http://www.theverge.com/2013/6/20/44...als-in-dollars

    Lol, visions of Lock poker. Nevertheless, the chart around that time starts to go south.

    http://bitcoincharts.com/charts/mtgo...a2gEMAzm2g50zv

    Don't try to analyze the news, though. You never know as much as the "smart guys". Just follow the chart. You might catch a quick trade as it bounces off the 50 day Exponential Moving Average which is $60'ish. But that would be just a quick trade for a couple bucks.

    The smart trade is a short but who is gonna lend you Bitcoins that you can buy back later at a lower price?

    Again, don't analyze the news when trading... All the news is already built into the price........ But the the Winklevoss twins are gonna fuck it up by bringing the heat from the regulators/Fed's as they try to get approval for an ETF.

    Bitcoins are donkdown.

  8. #148
    Platinum ShadyJ's Avatar
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    Quote Originally Posted by bottomset_69 View Post
    Quote Originally Posted by ShadyJ View Post
    At what point should we buy these? Im down to risk a few k
    Why would you risk any money that is worth nothing, and even if you make money, you likely will get flagged by the IRS? Why not trade a legit stock or something? At least if you get sideways on the stock, at least there is a decent chance you can wait it out.
    Dude its clearly a get rich quick type of thing. Big risk big reward....maybe

  9. #149
    Plutonium sonatine's Avatar
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    bitcoins are here to stay and are making total inroads into legit biz.

    for example, you can buy fleets of malware infested computer botnets with bitcoins.

    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  10. #150
    Cubic Zirconia
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    I do expect bitcoins to go donkdown at some point, most likely due to government intervention, but that day is not today.

  11. #151
    Plutonium simpdog's Avatar
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  12. #152
    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Quote Originally Posted by ShadyJ View Post
    At what point should we buy these? Im down to risk a few k
    Don't try to analyze the news, though. You never know as much as the "smart guys". Just follow the chart. You might catch a quick trade as it bounces off the 50 day Exponential Moving Average which is $60'ish. But that would be just a quick trade for a couple bucks.
    Helluva bounce and on good volume. That woulda been a quick trade for more than just a "couple or bucks". But break $100? That will be resistance and that will be interesting to watch. I would short it here if I could.

  13. #153
    Plutonium simpdog's Avatar
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    Quote Originally Posted by sonatine View Post
    bitcoins are here to stay and are making total inroads into legit biz.

    for example, you can buy fleets of malware infested computer botnets with bitcoins.
    Totally legit.

    Also how many times does the guy sell them, then the next day sell the same fleet to another customer.

  14. #154
    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Quote Originally Posted by ShadyJ View Post
    At what point should we buy these? Im down to risk a few k
    Don't try to analyze the news, though. You never know as much as the "smart guys". Just follow the chart. You might catch a quick trade as it bounces off the 50 day Exponential Moving Average which is $60'ish. But that would be just a quick trade for a couple bucks.
    Helluva bounce and on good volume. That woulda been a quick trade for more than just a "couple or bucks". But break $100? That will be resistance and that will be interesting to watch. I would short it here if I could.

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  15. #155
    Cubic Zirconia
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    Quote Originally Posted by Dan Druff View Post
    Quote Originally Posted by garrett View Post
    $67
    Yup, as I expected, the non-momentary breaching of the $100 psychological barrier is the start of a second crash.

    Wish there were a way to short these things.

    I bet you are glad that you couldn't short. Bitcoins are up over 30% since this post.

  16. #156
    Platinum garrett's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Quote Originally Posted by Sanlmar View Post

    Don't try to analyze the news, though. You never know as much as the "smart guys". Just follow the chart. You might catch a quick trade as it bounces off the 50 day Exponential Moving Average which is $60'ish. But that would be just a quick trade for a couple bucks.
    Helluva bounce and on good volume. That woulda been a quick trade for more than just a "couple or bucks". But break $100? That will be resistance and that will be interesting to watch. I would short it here if I could.

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    If only it were so easy. If you use coinbase.com it takes 1 week to process your btc purchases. I actually bought a few after I typed that $67 above last Friday and am supposed to get them around 4:47pm this afternoon. I got them at $67.62 but actually still have not received them. I will get them today when the price is ~$95 so I might as well just turn around and sell them right back and wait for them to go back down again before picking them up again.

    The 1 week wait is a double edged sword, had the price of gone the other direction when buying them 1 week ago, one would be SOL. Of course there are other mediums of exchange but coinbase is pretty much as legitimate as it gets it seems.

  17. #157
    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by garrett View Post
    Quote Originally Posted by Sanlmar View Post

    Helluva bounce and on good volume. That woulda been a quick trade for more than just a "couple or bucks". But break $100? That will be resistance and that will be interesting to watch. I would short it here if I could.

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    If only it were so easy. If you use coinbase.com it takes 1 week to process your btc purchases. I actually bought a few after I typed that $67 above last Friday and am supposed to get them around 4:47pm this afternoon. I got them at $67.62 but actually still have not received them. I will get them today when the price is ~$95 so I might as well just turn around and sell them right back and wait for them to go back down again before picking them up again.

    The 1 week wait is a double edged sword, had the price of gone the other direction when picking them up 1 week ago one would be SOL. Of course there are other mediums of exchange but coinbase is pretty much as legitimate as it gets it seems.

    Touchdown!
    What is the rake? What fees or commission for a purchase or sale?

  18. #158
    Platinum garrett's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Quote Originally Posted by garrett View Post

    If only it were so easy. If you use coinbase.com it takes 1 week to process your btc purchases. I actually bought a few after I typed that $67 above last Friday and am supposed to get them around 4:47pm this afternoon. I got them at $67.62 but actually still have not received them. I will get them today when the price is ~$95 so I might as well just turn around and sell them right back and wait for them to go back down again before picking them up again.

    The 1 week wait is a double edged sword, had the price of gone the other direction when picking them up 1 week ago one would be SOL. Of course there are other mediums of exchange but coinbase is pretty much as legitimate as it gets it seems.

    Touchdown!
    What is the rake? What fees or commission for a purchase or sale?

    "Coinbase charges just a 1% fee for each transfer from bitcoin to dollars or from dollars to bitcoin. Sending or receiving bitcoin between online wallets, friends, or merchants is free and always will be."

    per-
    http://support.coinbase.com/customer...t-cost-to-use-

  19. #159
    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by garrett View Post
    Quote Originally Posted by Sanlmar View Post


    Touchdown!
    What is the rake? What fees or commission for a purchase or sale?

    "Coinbase charges just a 1% fee for each transfer from bitcoin to dollars or from dollars to bitcoin. Sending or receiving bitcoin between online wallets, friends, or merchants is free and always will be."

    per-
    http://support.coinbase.com/customer...t-cost-to-use-
    1% is very reasonable. But what a slow trade process. The exposure on such a volatile commodity during the trade would be too much for my weak heart.

    Do you buy or bid a firm price or you are filled at market? I am going to look into the process.

    This is not an offer to sell or a solicitation of any offer to buy any securities. ... Lol

  20. #160
    Platinum garrett's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Quote Originally Posted by garrett View Post


    "Coinbase charges just a 1% fee for each transfer from bitcoin to dollars or from dollars to bitcoin. Sending or receiving bitcoin between online wallets, friends, or merchants is free and always will be."

    per-
    http://support.coinbase.com/customer...t-cost-to-use-
    1% is very reasonable. But what a slow trade process. The exposure on such a volatile commodity during the trade would be too much for my weak heart.

    Do you buy or bid a firm price or you are filled at market? I am going to look into the process.

    This is not an offer to sell or a solicitation of any offer to buy any securities. ... Lol
    Looks like they now allow instant purchases up to 50btc if you are verified. hmm

    http://venturebeat.com/2013/07/12/co...oin-purchases/

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